Who Are Private Bankers to the Rich & Famous?
If you’re looking to get into private banking surely you must know which banks appeal most to the wealthiest individuals and why?
Check out these bankers to the “stars” here:
Elon Musk (net worth: US$172.1 bil)
reportedly uses Morgan Stanley.
has many of his financial investments with the family office Cascade Investments.
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reportedly uses JP Morgan Chase
reportedly uses Citibank and Bank of America.
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and Jay-Z also partly financed an $88 million mansion using a $52.8 million mortgage from Goldman Sachs
Why would you want to know this?🤔
So, let’s take a brief look at the top 3 banks that are especially popular with HNWIs and UHNWIs including:
🎯 Headcount
🎯 Private banking salaries across Hong Kong, London, and Singapore
▶️JP Morgan Chase (AUM: $3 trillion)
Alongside the rich and famous, their clients include institutional investors, corporations, and governments.
JP Morgan Private Bank requires clients to have $10 million in assets and clients can expect privileges pertaining to financial planning, investing, and more. They are hugely popular with wealthy clients and were even named “Best Private Bank in the World” from 2020 to 2022.
Minimum yearly salary in HK is about HK$456,000 for a private banking analyst and their private banking division has a headcount of about 10-15.
▶️Morgan Stanley (AUM: $1.3 trillion)
Other than the mega rich, their clients include institutional clients such as money managers, insurance companies, and more.
Morgan Stanley Private Wealth Management caters to individuals with US$10 million or more under management. Clients can expect commission-free trading from E*TRADE as well as managed portfolios, amongst other services.
Their minimum yearly salary in HK is about HK$600,000 (for a private bank analyst) and their private banking division also has a headcount of about 10-15.
▶️Citibank (Citi Global Wealth AUM: $200 billion)
Their clients, alongside wealthy individuals, include governments, corporations, and institutions.
Citigold Private Client is for those with an average monthly balance of US$1 million. Clients gain access to high-end research and are given early access to choose alternative assets.
Their minimum yearly salary in HK is about HK$479,000 (for a junior private banking position) and their private banking division also has a headcount of about 10-15. 💰
Additionally, in general, Assistant RMs or Associate Client Advisors in Singapore can expect a minimum salary of about SG$52,000. In London a junior private banker can expect salary closer to £49,000.
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